While many people rave about that “new car smell,” when it comes to Buying a car, it's usually best to go with used vehicles. Buying a used car saves a lot of money, since new cars begin depreciating as soon as you drive them off the lot.
In fact, just leaving the dealership in your new set of wheels depreciates the car’s value by about 20%, and over the next year you’ll lose another 10%. Buying used allows you to get more car for your money. (And you can always buy a new car smell-scented air freshener.)
However, it’s important to know what to look for in a used car. All used cars are not created equal, and you’ll want to do some homework on the car you’re interested in buying, since some vehicles tend to need more repairs than others. Knowing what kind of mechanical issues might be more common in the car you’re interested in could help with the buying decision.
For example, Consumer Reports posts a comprehensive, searchable list of which used cars to avoid based on their reliability reports. If you’re interested in a certain vehicle, checking this list before you make a deal could save you time, money and headaches.